Average rental values across prime London are now 7.4 per cent higher than they were this time last year.
LonRes says that possibly as a result of slower conditions in the sales market and potential vendors choosing to let their properties while awaiting the result of the election, the second quarter of 2015 has seen a major increase in properties instructed to let.
Across prime London, there were 8.5 per cent more properties instructed to let in the second quarter of the year compared to the first. Meanwhile, on the fringe of PCL, the supply of properties has increased even more strongly, with a rise of 15.3 per cent over just the second quarter.
The data company says it is crucial that landlords do not become complacent.
“With plenty of options for tenants, landlords still need to be realistic about pricing. Tenants are being increasingly choosey over their property choices and are prepared to negotiate. Over the last three months, over half of agents report an increase in the length of time that properties stay on the market before being let” says the latest LonRes report.
“Furthermore, 54 per cent of agents report an increase in tenants negotiating on rents of new tenancies over the quarter.”